Real Estate Development Industry Innovations In Thailand

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According to the author of the paper (Tharachai, REAL ESTATE DEVELOPMENT INDUSTRY INNOVATIONS - INFLUENCING FACTORS), Innovation is one of the most discussed topics in the real estate development industry. The development industry is often perceived as a lacking in innovation because it is closely associated with construction. Although there is great need of innovation in this industry its pace in Thailand and the region is still very slow. This paper discusses real estate industry innovations in Thailand and some of the main influencing factors. While taking about the innovations in the development process the author talks about five kinds of innovations namely
• Product Innovation
• Process Innovation
• Materials Innovation
• Information
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Adequate financial resources and related support are also needed.
• Change agents: Persuasive and effective change agents are required in implementing innovation and they must be able to assist the initiation and implementation of innovation in the company.
2. External Factors: These are those factors which occur outside the company’s boundaries:
• Customers: Customers are key industry participants in driving innovations. In many developed countries, well-educated real estate customers encourage innovation. Customers play an active role in pushing innovation when they demand higher product and service standards from developers. Demanding customers are often the quickest way to drive industry innovation.
• Manufacturing firms: Manufacturing firms that are supplying contractor’s material aren’t working under project-based environments which discourage innovation. Thus material suppliers play a major role in innovations for the industry. They also educate end-customers about new innovations.
• Government policies: Government can make innovation a top national priority by providing cheap financing or tax incentives for innovative
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In order to find the CSFs the authors conducted a thorough review on literature related to CSFs in seven major management journals— Construction Management and Economics (U.K.), International Journal of Project Management (U.K.), Journal of Construction Procurement (U.K.), Journal of Construction Engineering and Management (U.S.), Engineering, Construction and Architectural Management (U.K.), Journal of Management in Engineering (U.S.), and Project Management Journal (U.S.).From the study of the literature the authors extracted five major groups of independent variables as crucial to project success,

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